Now the developments are happening in Humboldt. How long do you think until they will be at Logan prices? Read about the Humboldt Park building said to be torn down to make way for modern apartments.
Danger to Recovering Housing Market
Since Trump was elected president, interest rates have been climbing up, which brings dangers to the housing market and affordability, according to this article on Fifth Third Mortgage Company.
“The 30-year fixed rate mortgage increased for the fifth consecutive week and reached a new high for 2016 this week at 4.13%, according to Freddie Mac’s survey. This increase is already making waves in the housing market. According to Black Knight’s report, the number of potential refinance candidates fell by more than 50% over the last few weeks. And it could only continue to increase from here. Housing experts are saying there is a 100% chance that the Federal Reserve will elect to raise rates at its last meeting of the year.”
New Affordable Housing Unveils in West Humboldt
With rent prices skyrocketing, building that offer affordable housing are needed in many neighborhoods all over the city now more than ever. One such building has just finished construction in West Humboldt Park. The 72-unit complex consists of 13 buildings and offers one, two and three-bedroom apartments for people earning 60 percent of the area median income, according to this DNAinfo article by Mina Bloom.
The buildings are scattered among Central Park, Chicago, Kedzie and Franklin.
2016 Inman Innovators Award Goes to: @properties
At the 2016 Inman (real estate information and media company) Innovators award, @properties was named the most innovative brokerage earlier this month. The Chicago-based company was among 21 other finalists in the category but took the prize.
In an article on Benzinga, co-founder of @properties Thad Wong said, “To be recognized as an ‘Innovator’ by Inman, one of the true trailblazing organizations in our industry, is a great honor. This award is a responsibility as much as it is an achievement. It’s a mandate to keep striving, keep evolving. Innovators must never be content.”
Read more about this story here.
Coliving at L Development in Logan Square
The new development at 2211 North Milwaukee Avenue has been getting a lot of buzz, primarily because of the high rent prices of each unit. The latest news regarding this L apartment has to do with their plan to make the 3-bedroom units coliving. This would mean that each person living in the unit (chosen by building management) would have their own lease and cover their own utilities, holding each of them responsible if one cannot make the rent that month. Even with the coliving situation, the rent would be $1,200 per person.
What are your thoughts on a coliving development in Chicago?
Read more about this story here on Curbed Chicago.
Lime Green Logan Square Development
A mixed-use development near California and Milwaukee was proposed by Savoy Development two years ago in April of 2014, and although many other projects have already begun in the area, this one has still not taken off. The original plan was for a six-level bright green single room occupancy project with 63 studio apartments, which raised quite a few eyebrows.
Since that 2014 proposal, the project has changed three more times and on May 10 at 6:30, the developer will introduce his latest plan to the public. It is said to include 138 units, 44 parking spots and four ground-floor retail spaces. Read more about this story here by AJ Latrace.
